What is marital and non marital property?

What is marital and non marital property?

Marital, or community property, is defined as assets and debt newly acquired during the marriage, either jointly or by one party, other than by a gift or inheritance to one spouse. Nonmarital, or separate property, are the assets and debts owned prior to the marriage that remain unchanged.

Is marital property the same as community property?

Marital Property and Community Property States Community property states follow the rule that all assets acquired during the marriage are considered “community property.” Marital property in community property states are owned by both spouses equally (50/50).

How do I protect my 401k in a divorce?

Protecting Your 401(k) and Assets in a Divorce You can get a blank copy of this from your plan administrator. In most instances, your attorney drafts the QDRO before sending it to the divorce Court. Once a judge signs it, the QDRO makes the asset split official, and it allows plan administrators to enforce it.